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How Does Kamala Harris's Plan Compare to Current Capital Gains Tax Laws?

Kamala Harris's plan, as part of the Biden-Harris administration's proposals, seeks a significant overhaul for capital gains taxes, particularly for high-income earners, diverging sharply from current law. Currently, long-term capital gains (assets held over one year) are taxed at preferential rates: 0%, 15%, or 20%, depending on income, with an additional 3.8% Net Investment Income Tax (NIIT) for higher earners. Short-term gains are taxed as ordinary income. Harris's proposal aims to tax long-term capital gains for those earning over $1 million annually at their ordinary income rate, effectively eliminating the preferential 20% rate and potentially raising it to around 39.6% (plus the NIIT, totaling over 43%). Furthermore, a key component of the administration's broader tax reform includes eliminating the "step-up in basis" at death for gains exceeding a certain threshold, meaning unrealized capital gains could be taxed upon transfer or death, a stark contrast to current law where heirs inherit assets at their market value, erasing prior gains. This plan targets increased revenue and greater tax equity from the wealthiest Americans.

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